Bird Construction (BDT) Investor presentation summary

Strategic direction and growth

• Focus on operational excellence and safe execution has driven considerable growth and momentum from 2022 to 2024, forming the basis for the 2025-2027 strategy.

• The One Bird Growth Strategy emphasizes culture, disciplined execution, and performance to achieve long-term profitable growth.

• Expansion into strategic sectors and large capital investment projects is a key priority, supported by disciplined capital allocation.

• Financial targets for 2025-2027 include 10% organic revenue CAGR, 8.0% adjusted EBITDA margin by 2027, and a 33% dividend payout ratio.

Financial performance and outlook

• Q1 2025 revenue grew 4.3% year-over-year to $717.6M, with adjusted EBITDA up 40.9% to $34.1M and adjusted earnings up 14.5% to $12.9M.

• Record backlog of $4.3B and pending backlog of $3.9B as of Q1 2025, with $1.3B in new securements in the quarter.

• Margin expansion continues, with Q1 2025 adjusted EBITDA margin at 4.8%, up from 3.5% in Q1 2024.

• Free cash flow generation remains strong, with a TTM FCF conversion of 62.9% of net income and a current ratio of 1.27.

• Majority of 2025 revenue growth expected in the second half, with earnings and adjusted EBITDA growth projected to outpace revenue.

Diversification, risk management, and sector focus

• Revenue is balanced across infrastructure, buildings, and industrial sectors, with a focus on low- to medium-risk contract types.

• Strategic diversification and collaborative contracting have reduced risk exposure and increased access to large capital projects.

• Key sectors targeted include defence, transportation infrastructure, power, healthcare, long-term care, industrial maintenance, and oil & gas, all with substantial annual addressable markets.

• Operational excellence is demonstrated through major projects in LNG, nuclear, potash, petrochemicals, and transit infrastructure.